At 13:30 ST, the barometer index, the S&P BSE Sensex, soared 871.76 points or 1.16% to 77,073.99. The Nifty 50 index rose 235.50 points or 0.99% to 24,054.85.

The broader market underperforms frontline indices. The BSE 150 MidCap Index jumped 0.33% and the BSE 250 SmallCap Index added 0.12%.

The market breadth was positive. On the BSE, 2,146 shares rose and 1,947 shares fell. A total of 201 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.25% to 13.63.

Gainers & Losers:

Trent (up 5.13%), InterGlobe Aviation (up 3.54%), Tech Mahindra (up 3.10%) and Dr. Reddy's Laboratories (up 2.80%) were the major Nifty50 gainers.

Bajaj Auto (down 2.09%), SBI Life Insurance Company (down 1.56%), Tata Motors Passenger Vehicles (down 1.26%) and Maruti Suzuki India (down 1.13%) were the major Nifty50 losers.

Bajaj Auto declined 2.09% after the company reported a ransomware attack on its systems, which also affected its wholly owned subsidiary, Bajaj Auto Technology (BATL).

Stocks in Spotlight:

Tanfac Industries jumped 4.01% after the company's board approved the launch of qualified institutional placement (QIP) for the equity shares with a floor price of Rs 2,090.43 per share.

Prostarm Info Systems shed 0.70%. The company announced that it has been declared the lowest (L1) bidder by Karnataka State Fire and Emergency Services for a contract valued at Rs 4.03 crore.

Infosys rose 1.94% after the company announced an expanded multi-year collaboration with GlobalFoundries to accelerate AI-driven transformation of the chipmaker's IT operations.

Global Markets:

European equities hovered near flatlines on Wednesday, struggling for momentum as a bruising global technology rout and unyielding Federal Reserve hawkishness kept risk appetite firmly in check.

Asian markets traded mixed, a day after a global selloff in technology and semiconductor shares, with analysts cautioning about the risk of renewed volatility.

Meanwhile, oil prices edged lower Wednesday as investors watched developments around tanker traffic and maritime operations in the Strait of Hormuz.

International benchmark Brent crude futures for August fell 0.45% to $76.73 a barrel. U.S. West Texas Intermediate futures for August dropped 0.48% to $72.86 per barrel.

Over 11,000 seafarers stuck in the Persian Gulf will begin to exit through the Strait of Hormuz, according to the International Maritime Organization.

The Strait of Hormuz is a key route for global energy supplies, with about 20% of oil shipments passing through the waterway before the Iran conflict.

Index provider MSCI kept South Korea classified as an 'emerging market' in its most recent review on Tuesday, while extending its assessment of Indonesia's status until November.

Overnight on Wall Street, the S&P 500 and the Nasdaq Composite were lower on Tuesday as a tech sell-off that began during the prior session picked up steam overnight, with global markets in Asia routed as memory chip-related shares tumbled.

The broad market index fell 1.44% to 7,365.46, while the tech-heavy Nasdaq slid 2.21% to close at 25,587.04. The Dow Jones Industrial Average ended down 45.87 points, or 0.09%, at 51,666.84.

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